Myceen funding news – Tallin-based Myceen Raises €2 Mllion in Funding

The purpose of this money is to help the company sell its carbon-negative products. Myceen is supporting a seed investment round of €1–1.5 million in addition to the subsidies, which will help the business move to a larger production facility.

With Europe striving to fulfill its climate targets of carbon neutrality by 2050 and emissions reduction of 55% by 2030, there is growing pressure on the building sector to reduce its environmental effect. Approximately 75% of buildings in the EU are currently deemed inefficient, and by 2030, the EU wants to increase energy efficiency by renovating 35 million residences.

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Materials based on mycelium are starting to show promise in this regard. These materials, which turn industrial waste into building materials, not only have the ability to save energy but also adhere to the principles of the circular economy. A growing interest in sustainable construction solutions is reflected in their application in insulation and other building components.

Petko Tashev, Co-Founder and Managing Director of The Home of Sustainable Things in London noted: “While Mycelium isn’t a novel material to us, Myceen’s design range is something to behold. Over the years, we have seen many designers attempting to tame this incredible, regenerative material and failing to do so. However, Myceen’s consistency, quality, and style not only set this range apart but have also elevated mycelium design to levels previously unimagined.”

Myceen is getting ready to grow by relocating to a pilot plant, where it will create industrial production technologies for its construction supplies. With other house manufacturers and resellers expressing interest, the company's efforts to commercialize mycelium-based goods are expected to be aided by this expansion.

Myceen is well-positioned to support continued efforts toward more sustainable building practices as it develops its mycelium technology. Myceen is prepared to investigate the potential of mycelium-based materials in the building industry with financial support and plans for further production.

About Myceen

Myceen cultivates carbon-negative materials by fusing industrial waste with the mycelium of mushrooms. The essential component needed to grow our high-performing materials is mycelium, a natural binder.